INVESTMENTS |

PERFORMANCE & TARGETS

20.3%

Profit on Cost

Net return on capital deployed.^

1.8x

Equity Multiple

Total cash distributions relative to equity invested.

6.5%

Item Title

Stabilised NOI as a percentage of total project costs.

13.1%

IRR

Annualized, time-weighted rate of return.

OUR UNDERWRITING PROCESS

Our investment framework is designed to identify market inefficiencies, safeguard capital and maximise returns. We invest opportunistically, merging data-led sourcing with optimised deal structuring and leverage to ensure that value is captured at the point of acquisition and maximised through a disciplined, metric-driven exit strategy.

IDENTIFYING VALUE

We scour the market for value, leveraging data-led analysis of price-per-square-foot sale prices versus historical means. We apply a rigorous benchmarking process to exit values and capital appreciation trends to ensure we capture intrinsic value at the point of acquisition.

PROTECTING CAPITAL

We apply our deep experience in project structuring, ensuring clean legal titles and optimised debt frameworks. Our financial models are stress-tested against interest rate volatility and construction contingencies to ensure robust downside protection and capital preservation.

MAXIMISING RETURNS

We monitor market liquidity, trends and yield metrics to ensure timely exits and refinancing and efficient capital recycling. Our internal process allows us to adapt to shifting conditions, choosing to hold for income or sell for growth based on real-time performance data.

OUR INVESTMENT CRITERIA

We focus on high-yield residential opportunities, specializing in the strategic conversion of underutilized commercial and mixed-use assets into high-quality dwellings. Our framework prioritizes below-market-value (BMV) acquisitions and technical value-add execution—ranging from intensive renovation to complex title splitting—to drive outsized capital growth. Each prospect must clear rigorous institutional hurdles, specifically targeting a 12-15% IRR, a 1.5x equity multiple, and a 20-30% profit-on-cost margin.

ASSET CLASS

High-yield residential real estate, with a primary focus on the conversion of underutilized commercial and mixed-use assets to domestic use.

CORE STRATEGY

Below-market-value (BMV) acquisitions utilizing core-plus value-add initiatives, including intensive renovation, site development, and strategic title splitting.

TARGET RETURNS

We adhere to strict financial hurdles, targeting a 12-15% IRR, an Equity Multiple of 1.5x, and a Profit on Costs (GDV Uplift) of 20-30%.

^Return metrics represent blended portfolio-wide figures across currently held assets. Yield on Cost is based on realized Net Operating Income (NOI) for the 2025 period relative to Total Project Cost (TPC). Profit on Cost (20.3%), IRR, and Equity Multiple are projected benchmarks and forward-looking in nature; they incorporate estimated capital appreciation, exit values, and anticipated cash distributions. Actual future performance may vary based on market conditions, execution of the strategic plan, and the timing of capital events.